Compass, Redfin and an Uncertain Future

Release Date: 03/04/2026

Industry Relations

The Industry Relations Podcast is now available on your favorite podcast player! Overview Rob and Greg dig into the recent wave of MLS/association rev-share and rebate programs (NTREIS, MetroTex, Louisiana REALTORS, Bright MLS, CRMLS) as a new play in the old "sell real estate data to Wall Street" story — and debate whether cash incentives can actually replace cooperation now that compensation is no longer guaranteed. Key Takeaways Rev-share/rebate programs mark a shift from data-monetization business models (RPR, REdistribute, Cotality/CoreLogic's InfoNet) toward paying brokers directly...

Bright Idea?

Industry Relations

The Industry Relations Podcast is now available on your favorite podcast player! Overview Rob and Greg are joined by Nick Aufenkamp (Realtor Gone Rogue), a Vancouver, WA-based broker and Substack writer, for a debate on the Zillow v. MRED lawsuit, private/exclusive listings, and whether the MLS should function as a public utility. Nick attended the preliminary injunction hearing in person and shares firsthand takeaways on Compass, MRED, and Zillow's roles in the case, followed by a wide-ranging debate on data access, buyer vs. public rights, Bright MLS's new listing rules, and NAR's recent...

Fresh Listings, Fresh Trouble

Industry Relations

The Industry Relations Podcast is now available on your favorite podcast player! Overview Rob and Greg kick off with some World Cup talk before diving into the Zillow vs. Compass preliminary injunction hearing, covering media coverage (Real Estate News, Inman, Nick Alfenkamp's Substack), key testimony from Errol Samuelson on listing freshness, and cross-examination details involving Robert Reffkin and MRED. They debate whether Zillow "rules the industry" or whether the MLS cooperative model still holds, unpack what legitimate competition looks like in real estate, and explore what Compass's...

Changing, Clarifying and Consequences

Industry Relations

The Industry Relations Podcast is now available on your favorite podcast player! Overview Greg shares a new AI-built Chrome extension that solves a surprisingly common MLS workflow problem before Rob and Greg revisit last week's conversation with Professor Hayunga. They dig deeper into the debate over private listings, buyer behavior, and whether exclusivity can actually increase sale prices. The conversation expands into real estate auctions, the purpose of industry policy, NAR governance, and the upcoming legal battle between Zillow and MRED over listing access and the Zillow Listing Access...

Should Sellers Pick Pocket Listings?

Industry Relations

The Industry Relations Podcast is now available on your favorite podcast player! Overview This week, Rob and Greg are joined by Professor Darren Hayunga of the University of Georgia to discuss his research on pocket listings and private sales. Using 20 years of Dallas-Fort Worth MLS data, Darren explains why his findings challenge conventional wisdom about off-market transactions, how Clear Cooperation Policy impacted pocket sales, and why sellers may not be sacrificing value by avoiding the open market. The conversation explores market efficiency, buyer and seller behavior, luxury listings,...

NAR Midyear Toothpaste

Industry Relations

The Industry Relations Podcast is now available on your favorite podcast player! Overview Rob and Greg recap the 2026 NAR Midyear meetings in Washington, D.C., discussing the changing role of NAR in MLS policy, the ongoing debate around private listings and exclusive inventory, and the varying reactions from MLS leaders across the country. They also examine how brokers, MLSs, and portals are redefining their relationships as the industry continues to grapple with cooperation, consumer access, and listing distribution. Later, they discuss Mike DelPrete's recent industry webinar and dive into a...

What Is the MLS, Anyway?

Industry Relations

The Industry Relations Podcast is now available on your favorite podcast player! Overview Rob and Greg recap their time at the Signal conference before diving into one of the biggest debates facing organized real estate: what exactly is the MLS supposed to be? The conversation centers on "Pool," ThousandWatt's thought experiment for a national home exchange that would compensate listing contributors and charge data users. Rob argues the concept reveals a growing belief that the MLS is primarily a data repository, while Greg sees it as a modernized form of cooperation. From there, the...

What Happens When Zillow Stops Playing Nice?

Industry Relations

The Industry Relations Podcast is now available on your favorite podcast player! Overview Greg revisits his "Poking the Bear" article and argues that the industry may be underestimating what happens if Zillow is pushed into becoming a direct competitor. Using a Nike-versus-Hyatt branding analogy, Greg and Rob debate whether a Zillow brokerage, franchise, or even MLS would be a nightmare scenario or simply the next stage of competition. The conversation expands into a broader discussion about MLS infrastructure, IDX, cooperation, listing distribution, and whether the industry is protecting...

There and back again, the IDX debate continues.

Industry Relations

The Industry Relations Podcast is now available on your favorite podcast player! Overview Rob and Greg dive into a major discussion about IDX, MLS rules, private listings, and whether MLSs should still control listing distribution in 2026. Using a Twitter exchange with Michael Wurzer as the jumping-off point, they unpack the history of VOWs, syndication, Zillow’s rise, and whether the industry is still operating on outdated internet-era assumptions. Key Takeaways Michael Wurzer’s IDX question leads into a larger conversation about MLS governance. Greg argues MLSs could handle private...

The Struggle is Real

Industry Relations

The Industry Relations Podcast is now available on your favorite podcast player! Overview This episode starts with Greg discussing Giant Steps’ new MLS channel guidebook and the growing difficulty vendors face navigating organized real estate. Rob and Greg unpack how MLS relationships, site licenses, and enterprise deals have changed, why vendor distribution is getting harder, and how AI could completely reshape SaaS and real estate technology business models. The conversation then shifts into AI as “labor” rather than just software, token-based economics, infrastructure wars...

More Episodes

The Industry Relations Podcast is now available on your favorite podcast player!

Overview

Rob and Greg discuss the implications of a new deal between Compass and Redfin that allows Compass listings to appear on Redfin without traditional listing metrics like days on market or price change history. The conversation explores how this partnership could reshape the competitive landscape among major real estate portals and accelerate the normalization of private or exclusive listings. They also debate whether private listings harm transparency or fairness in the housing market, including a heated discussion around claims that such practices impact fair housing. The episode also examines how shifting alliances between portals like Zillow, Redfin, and Homes.com could affect MLSs and industry norms. Toward the end, the conversation broadens to macro trends including AI’s potential impact on white-collar jobs, the future of real estate search, and how economic disruption could influence housing markets in the coming years.

Key Takeaways

Compass and Redfin reached a deal allowing Compass listings to appear on Redfin without showing days on market or price change history.
The move represents a major shift in portal alliances, potentially weakening the previous alignment between Zillow and Redfin.
Private listings may become more normalized as brokers and MLSs respond to changing portal strategies.
Rob argues that fair housing concerns around private listings are often overstated and distract from the real business debate.
Greg suggests the practical impact may be limited if most listings ultimately still end up on MLS systems.
Future home search may shift from portals to AI assistants that aggregate listings across multiple sources.
The hosts discuss the broader economic implications of AI potentially replacing large numbers of white-collar jobs and how that could affect housing demand.